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《大行報告》瑞銀:情境分析若恆地(00012.HK)購入內地合營項目權益 淨負債比率將升至46% 太古地產(01972.HK)淨資產值提高3%
瑞銀發表報告,指估計恆地(00012.HK)非全資項目佔其內地權益歸屬物業發展項目土儲約43%,在非全擁有的項目中,恆地持有42%的股權,假設恆地購入合資夥伴的股份,可能需要176億元人民幣(下同),以及備考淨負債比率可能會從2021年底的40%,上升到46%。 瑞銀表示,太古地產(01972.HK)持有一半股權的成都遠洋太古里,估計項目估值210億元,另外太古地產分別持有頤堤港第一和第二期50%和35%權益,估計頤堤港第一期估值達92億元,兩期總值396億元。 瑞銀估計,如果太古地產能夠以30%的價值折讓收購這些項目,其敏感性分析表明,太古地產資產淨值將提高3%,備考淨負債比率料仍保持健康,比率為11%,而截至2022年上半年僅為5%。
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